Kara Ebanks
Chief analyst, insurance supervision division
Cayman Islands Monetary Authority
Personal bio: I am fortunate to call the Cayman Islands home. When a spare moment presents itself, taking advantage of the natural beauty of our islands is one of my favourite things to do. When not doing so, I look forward to experimenting with baking recipes and volunteering and aim to do so as often as I can.
Professional profile: In 2012, I completed my Bachelor’s degree in business administration with a concentration in accounting at the University College of the Cayman Islands while initially working as an account administrator, firstly with Global Captive Management and subsequently with Aon Insurance Managers (Cayman). I later joined the Cayman Islands Monetary Authority as an analyst in the insurance supervision division. In 2015, I was promoted to my current post as chief analyst.
What has been your highlight in the captive industry so far?
The adaptation of the industry over the past few years has been fascinating to witness. The emergence of nontraditional captive insurance models and the synthesis of industries, which have previously operated independently as a method to take advantage of expansion opportunities, are prevalent in today’s captive insurance industry. Every day has presented a new learning opportunity, and for this reason, I am excited about the future of the captive insurance industry.
What are your aspirations for your career in the captive industry?
My goal is to continue to be an asset to the industry in every aspect. Firstly, as a mentor and resource among my colleagues. Secondly, as a supporter of the industry— service providers, licensees, and stakeholders. Having previously worked with service providers allows me to think critically and open-mindedly about recommending suitable solutions which meet both the business needs of the captives and maintaining regulatory requirements that meet international standards.
What advice do you have for someone considering a role in the industry?
Use every opportunity wisely: “There is always something new to learn” is not a cliché. Lessons often mask themselves in challenges and so I often approach challenges with the question, “What can I learn from this?” Be open-minded to changes and when problem solving, seek solutions that foster growth as the industry is constantly evolving. A career in the captive insurance industry is one you will not regret.
Ruwan Jayasekera, head of insurance supervision division, Cayman Islands Monetary Authority “Kara Ebanks is a mature and competent insurance supervisor, who is well versed in insurance regulation and supervision. She has represented the Cayman Islands Monetary Authority and the domicile both locally and internationally. She has also been involved in several high-profile projects. Banks possesses the level of maturity, commitment and professionalism that is required to accomplish many career milestones.”
